The historic Albert Kahn Building in Detroit’s New Center has a new owner.

The new owners are Adam Lutz, of Lutz Real Estate Investments and Matthew Sosin of Northern Equities Group. They plan to convert it into more than 200 apartments. They purchased the building from a joint venture including Detroit-based The Platform, which is redeveloping a number of nearby New Center properties. The purchase price was not disclosed.

Plans are still being formulated, but the new owners say they also plan to include about 60-thousand square feet of retail and office space on the first floor and lower level. Redevelopment will also result in more than 300 parking spaces and other amenities.

Detroit-based Kraemer Design will head up the design while Cunningham Limp is the general contractor.

The 11-story building opened in 1931.

This story first appeared on the Daily Detroit News Byte Podcast. 

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